Advice for Accountants

Our aim is to work with claimants accountants to assist in making sure their clients are benefitting fully from the capital allowances which might be available. We understand the difficulty in progressing a claim and we are here to alleviate that difficulty.

It is vital that tax returns are completed correctly. Our experience means we can often identify areas of capital allowances which have been missed.

We will work with you to make sure your client receives the most comprehensive capital allowances advice.

We are also happy to provide introductory fees, if appropriate to do so, ensuring that you benefit for the assistance you will provide. If your practice does not require an introductory fee, we will consider to pass on the financial benefit as a saving to your client when negotiating our performance related fee level.

SUMMARY

As a result of the recent legislation changes, if you are dealing with commercial property purchases and sales, your clients could miss out on claiming capital allowances forever if they are not dealt with at the point of sale.  It is therefore vital that your clients obtain specialist capital allowances tax advice.

Important Dates

Sales before 1st April 2014

  • Previous rules apply.

Sales during the transitional period (from 1st April 2012 to 31st March 2014)

  • The Pooling Requirement doesn’t apply; but
  • The Fixed Value Requirement or Disposal Value Statement Requirement needs to be satisfied where the seller has claimed capital allowances.

Sales on or after 1st April 2014

  • The Pooling Requirement is necessary, in addition to the Fixed Value Requirement.
  • The main consequence is that if the seller could have claimed allowances, then allowances will be denied to the purchaser (and any subsequent owner) unless the expenditure on fixtures was pooled, in addition to a joint election.

1st April 2014, consequences to ignoring the new legislation.

The issue of Capital Allowances cannot simply be ignored when purchasing / selling commercial property.  It is not sufficient to gloss over S.19 of CPSE1 enquiries anymore.

It is important that your clients, whether they are vendors or purchasers of commercial property, obtain expert advice as early as possible in the transaction.  Failure to obtain the necessary advice could lead to delays in completing the sale / purchase of a property or potentially losing the sale / purchase altogether.

Service Offering

  • To identify eligible capital allowances claims, the role falls somewhere between an accountant and a surveyor. Understanding both the tax legislation and valuation principles are necessary when identifying an opportunity.
  • An initial feasibility study would be needed to ensure that there is scope to make a capital allowances claim.
  • Assuming a claim was possible a survey would be carried out on the property to identify and value all qualifying items. A report would be produced and sent to HMRC. Fees are charged on contingent basis.

For more information, please contact: 0161 429 1662 or email mathewtattum@roger-hannah.co.uk

« Back to Advice Centre main page

Meet Our Team
Meet Our Team
Tax Relief Calculator + Claim Form
Tax Relief Calculator + Claim Form
The 5 Easy Steps
The 5 Easy Steps
Advice Centre
Advice Centre
Frequently Asked Questions
Frequently Asked Questions
News and Events
News and Events
Case Studies
Case Studies
Download our capital allowances brochure
Contact us